The reproductive cycle of the spotted rose snapper Lutjanus guttatus, a fish of great commercial importance was established. The organisms were sampled monthly from February 1993 to December 1994. The population sex ratio was 1M:0.96F and it was not a significant difference (P≤0.05) from the prospective proportion of 1:1. The gonads were histologicaly analyzed and the phases of gonadal development were described. L. guttatus presents an asynchronous development of the gonads and it is a partial spawner. The reproductive activity was present around the year although with two main reproductive periods (March-April and August-November) represented by high percentages of mature and spawning staged gonads. These high percentages coincide with high values of the gonadosomatic index (GSI) and with low values of the hepatosomatic index (HI). The condition factor (CF) presented a similar tendency to IGS, with high values during the reproductive period and diminishing toward the resting period. It is considered that the GSI represents the reproductive activity appropriately and that it have an inverse relationship between the reproductive activity and the IH.